Economy of Maine State

Demography And Social Indicators

Maine is one of the states in the NE of the United States. The state is bordered by New Hampshire, the Canadian provinces of Quebec, and New Brunswick, the Atlantic Ocean, and the Bay of Fundy.

The state has a total geographical area of 35,385 sq mi; with total land area of 30,862 sq mi; and total acres forested 17.7 mil.

The economic condition of Maine is facing more problems in the present days not only due to the poor soil and short growing seasons but also due to their inefficiency in the era of technological advancement and competitive policies adopted by others.

Demography And Social IndicatorsThe total estimated population of the state in 2005 was at 1,321,505 in comparison to 1,317,253 in July 2004. The net change in the population of the state 2002-03 was 0.8%.

According to the US Census 2000, the total population of the state was 1,274,923.

The density of the population of the state is calculated at 42.3 per sq mi.

With regards to the Racial Distribution of the state in 2000: 96.9% white, 0.5% black, 0.7% Asian, 0.6% Native American.

The rate of unemployment in the state as of 2003 was 5.1%.

Business and Economy of MaineAccording to the Bureau of economic analysis, Maine's total Gross State Product was for 2003 was US $ 41 billion with a per capita personal income of US $29,164.

Among the various sectors of the economy the manufacturing sector plays a very significant role in the economy. The state is a leading producer of the paper and the wood products.

The Chief Industries of the state are manufacturing, agriculture, fishing, services, trade, finance, government, insurance, real estate and construction.

Important manufacturing goods of the state are paper and the wood products, transportation equipment.

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Contributors

Professor at Columbia University. Recipient of the Nobel Memorial Prize in Economic Sciences in 2001 & the John Bates Clark Medal in 1979. Author of "Freefall: America, Free Markets", "The Sinking of the World Economy", "Globalisation and its Discontents" & "Making Globalisation Work".

Nouriel Roubini, a.k.a. “Doctor Doom”, is chairman of Roubini Global Economics and professor of economics at New York University’s Stern School of Business. Roubini has been consistently cited as one of the world’s top global thinkers. This year, he was voted as the most influential economist in the world by Forbes magazine.

Eric J. Gleacher Distinguished Service Professor of Finance at the Booth School of Business at the University of Chicago. IMF’s Chief Economist from September 2003 to January 2007. Inaugural recipient of the Fischer Black Prize.

Chancellor of the Exchequer of the United Kingdom from 1992 to 2007. Prime Minister of the UK between 2007 and 2010. Inaugural 'Distinguished Leader in Residence' at New York University. Advisor at World Economic Forum

Andrea Edwards has worked in marketing and communications all over the globe for 20 years, and is now focused on her passion – writing. A gifted communicator, strategist, writer and avid blogger, Andrea is Managing Director of SAJE, a digital communications agency, and The Writers Shop – a regional collaboration between the best business writers in Asia Pacific

James W. Harpel Professor of Capital Formation and Growth at the John F. Kennedy School of Government in Harvard University. Director of Program in International Finance and Macroeconomics at the National Bureau of Economic Research.